American Homes 4 Rent
AMH on NYSE. American Homes 4 Rent leases single-family homes to renters. Market value $11.7bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Capital spending looks too small to be complete, so we leave free cash flow out.
Recent profit includes a one-time gain, so we price the company excluding that gain.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.
$30.08 a share, 11% above its 1-year low
Over the past year the price has ranged from $27.22 to $35.07.
Dividend: 4.0% a year
Paid every year for at least 5 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | 0.64 | 0.70 | 0.64 | 0.70 | 0.72 |
| Shares outstanding | |||||
| Shares outstanding | 0.33bn | 0.35bn | 0.36bn | 0.37bn | 0.37bn |
Health checks
- Free cash flow positive1 of 1 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- Debt0.72× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 14% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $114 million, up 8% on a year ago.
- 3% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $5 billion more than cash, up from $4.8 billion a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | $74m |
| December 2024 | $123m |
| March 2025 | $110m |
| June 2025 | $106m |
| September 2025 | $100m |
| December 2025 | $124m |
| March 2026 | $128m |
| June 2026 | $114m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 20 February 2026
- Next quarterly (estimated, 10-Q)
- 30 October 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 483 funds in all.
- Third Avenue ManagementMatthew Fine
- Value
- $9m
- Share of fund
- 1.4%
- GAMCO InvestorsMario Gabelli
- Value
- $5m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $42m | <0.1% | Added |
| Davis Selected AdvisersChris Davis | $11m | <0.1% | Added |
| Third Avenue ManagementMatthew Fine | $9m | 1.4% | |
| GAMCO InvestorsMario Gabelli | $5m | <0.1% |
Largest holders overall
- BlackRock$1.5bnAdded
- Vanguard Portfolio Management$941mCut
- Norges Bank$740mNew
- Principal Financial Group$694mAdded
- State Street$524mCut
- Vanguard Capital Management$487m
- FMR$323mAdded
- AQR Capital Management$260mAdded
- Geode Capital Management$252m
- Arrowstreet Capital, Limited Partnership$205mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- BlackRock, Inc.Passive investor11.9%Since 31 December 2024
- Vanguard Portfolio ManagementPassive investor7.9%Since 31 March 2026
- Tamara Hughes Gustavsonat least 6.0%(filed with 1 related holder)Since 11 September 2026
What they said
Item 4 is hereby amended to add the following: The Estate of B. Wayne Hughes (the "Estate") distributed all Shares previously held by the Estate to the beneficiaries thereof. As a result, Tamara Hughes Gustavson, in her capacity as executor of the Estate, no longer may be deemed…
Read the filing - Tamara Hughes Gustavson6.0%Since 11 September 2026
What they said
The purpose of the acquisition of Shares by the Reporting Person is for investment as part of the general investment portfolio of the Reporting Person. This Schedule 13D is being filed because the Reporting Person is no longer a member of a "group" within the meaning of Section…
Read the filing - PRINCIPAL REAL ESTATE INVESTORS LLCPassive investorat least 4.5%(filed with 1 related holder)Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 11.9% | 31 December 2024 | |
Vanguard Portfolio Management Passive investor | 7.9% | 31 March 2026 | |
Tamara Hughes Gustavson | at least 6.0% (filed with 1 related holder) | 11 September 2026 | What they saidItem 4 is hereby amended to add the following: The Estate of B. Wayne Hughes (the "Estate") distributed all Shares previously held by the Estate to the beneficiaries thereof. As a result, Tamara Hughes Gustavson, in her capacity as executor of the Estate, no longer may be deemed… Read the filing |
Tamara Hughes Gustavson | 6.0% | 11 September 2026 | What they saidThe purpose of the acquisition of Shares by the Reporting Person is for investment as part of the general investment portfolio of the Reporting Person. This Schedule 13D is being filed because the Reporting Person is no longer a member of a "group" within the meaning of Section… Read the filing |
PRINCIPAL REAL ESTATE INVESTORS LLC Passive investor | at least 4.5% (filed with 1 related holder) | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 3 insiders bought $1m of shares on the open market. 1 sold $205,380.
- CORRIGAN JACK EDirectorBought
- Date
- 11 September 2026
- Shares
- 8,000
- Price
- $21.49
- Value
- $171,959
- CORRIGAN JACK EDirectorBought
- Date
- 10 September 2026
- Shares
- 1,000
- Price
- $21.60
- Value
- $21,600
- CORRIGAN JACK EDirectorBought
- Date
- 24 August 2026
- Shares
- 6,000
- Price
- $22.42
- Value
- $134,517
- BENHAM DOUGLAS NDirectorBought
- Date
- 12 August 2026
- Shares
- 500
- Price
- $22.51
- Value
- $11,255
- BENHAM DOUGLAS NDirectorBought
- Date
- 11 August 2026
- Shares
- 3,500
- Price
- $23.23
- Value
- $81,300
- CORRIGAN JACK EDirectorBought
- Date
- 10 August 2026
- Shares
- 5,000
- Price
- $22.80
- Value
- $113,980
- CORRIGAN JACK EDirectorBought
- Date
- 18 May 2026
- Shares
- 2,041
- Price
- $23.53
- Value
- $48,022
- CORRIGAN JACK EDirectorBought
- Date
- 15 May 2026
- Shares
- 1,359
- Price
- $23.40
- Value
- $31,801
- CORRIGAN JACK EDirectorBought
- Date
- 13 May 2026
- Shares
- 1,594
- Price
- $23.25
- Value
- $37,061
- CORRIGAN JACK EDirectorBought
- Date
- 12 May 2026
- Shares
- 6
- Price
- $23.00
- Value
- $138
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 11 September 2026 | CORRIGAN JACK E Director | Bought | 8,000 | $21.49 | $171,959 |
| 10 September 2026 | CORRIGAN JACK E Director | Bought | 1,000 | $21.60 | $21,600 |
| 24 August 2026 | CORRIGAN JACK E Director | Bought | 6,000 | $22.42 | $134,517 |
| 12 August 2026 | BENHAM DOUGLAS N Director | Bought | 500 | $22.51 | $11,255 |
| 11 August 2026 | BENHAM DOUGLAS N Director | Bought | 3,500 | $23.23 | $81,300 |
| 10 August 2026 | CORRIGAN JACK E Director | Bought | 5,000 | $22.80 | $113,980 |
| 18 May 2026 | CORRIGAN JACK E Director | Bought | 2,041 | $23.53 | $48,022 |
| 15 May 2026 | CORRIGAN JACK E Director | Bought | 1,359 | $23.40 | $31,801 |
| 13 May 2026 | CORRIGAN JACK E Director | Bought | 1,594 | $23.25 | $37,061 |
| 12 May 2026 | CORRIGAN JACK E Director | Bought | 6 | $23.00 | $138 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 20 Feb 2026, plus the 10-Q filed 31 Jul 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.